1. Create an account on Kraken
Kraken is a San Francisco-based exchange that has been around since 2011. The exchange has proven popular with traders thanks to a relatively large selection of listed crypto assets, fiat trading with multiple currencies, and a strong track record when it comes to security. Currently, it offers trading for more than 15 largest cryptocurrencies and accepts payments in 5 different national/fiat currencies – USD, EUR, JPY, GBP and CAD.
Once you created your Kraken account, take into consideration that Kraken requires additional user information (KYC) before any deposits or withdrawals can be made. There are multiple tier levels of funding limits, each with increasing amounts of deposit/withdraw limits.
In order to begin the verification process, go to the navigation bar at the top of the website and click your account name. A drop-down menu will appear from which you select Get Verified.
A new page will open, with all the available verification tiers and its specifications. You need at least Tier 2 verification to deposit funds on your Kraken account. On the bottom of the page, you will be able to import all of the required information to obtain the wanted verification tier.
2. Deposit fiat
Besides regular cryptocurrency deposits, Kraken is one of the few exchanges that also supports five fiat currency deposits. In order to make your deposit, go to the navigation bar at the top of the website and click your account name. A drop-down menu will appear from which you select Deposit.
A new page will open, with a list of all available cryptocurrencies to deposit, and a fiat currency at the top of the list. Select the fiat currency you wish to deposit by clicking on it, in this case, Euro (EUR). You can choose between the two different deposit methods that appear in the drop down menu. Take into consideration that SEPA deposits usually have lower fees.
Once you select your deposit method, in this case, SEPA, be sure to double check all of the payment information that you’ll be using, especially the Referrence number, which identifies your deposit with your account, before transferring the wanted amount of fiat currency.
Tip 1: For your first deposit, it is recommended to start with a small amount just to be safe. Once the small amount reaches your Kraken account, you can proceed to deposit the amount you would actually like to use for trading.
Tip 2: For European countries, it is better to use SEPA deposits instead of Wire transfer, because it has lower fees.
Please take into consideration that it can take up to a few days before your fiat amount reaches your Kraken account.
3. Deposit cryptocurrencies
The most convenient cryptocurrencies to deposit are Ethereum ETH, 0.50% and Bitcoin BTC, 1.98%. Both have trading pairs with all cryptocurrencies listed on Kraken and therefore give you the greatest amount of flexibility. Note that on Kraken, the ticker for Bitcoin is not BTC, but XBT.
In order to make your deposit, go to the navigation bar at the top of the website and click your account name. A drop-down menu will appear from which you select Deposit.
A new page will open, with a list of all available cryptocurrencies to deposit. Select the cryptocurrency you wish to deposit by clicking on it.
The website will provide you with a generator that you will use to create a new deposit address for the cryptocurrency you selected. Click on Generate New Adress. The address will be a string of numbers and letters (both lowercase and uppercase). Copy the address in its entirety and go to your wallet of choice. Send the amount you wish to deposit to the address you copied. It is quite common for the transaction to take up to half an hour to complete, so don’t expect the funds to be available on your Kraken account instantly.
Tip 1: Depositing ETH is usually faster than depositing BTC.
Tip 2: For your first deposit, it is recommended to start with a small amount of ETH or BTC just to be safe. Once the small amount reaches your Kraken account, you can proceed to deposit the amount you would actually like to use for trading.
Tip 3: Depositing funds from one exchange to another can sometimes be limited by restrictions. We strongly advise you to deposit directly from your wallet.
4. Check your balance
In order to check your balance, go to Deposit in the navigation bar at the top of the website.
If your deposit has already been processed, the amount will appear under Current balance on the right side of the page. If you have multiple coins, you can select them separately from the list on the left side of the page.
5. Place a buy order for Dash
To place an order, click on your user profile and select Trade from the drop down menu.
For this step, we will assume you deposited BTC. If you deposited ETH, don’t worry – the process itself is exactly the same.
On the top left corner, click on the XBT/EUR pair, where XBT is the ticker for Bitcoin on Kraken exchange. A drop down menu will appear. Select XBT, and then select the DASH/XBT trading pair.
After clicking on the trading pair, on the top left corner, the trading pair should have changed to DASH/XBT. You can place your buy order by selecting New Order. If you want to buy DASH when it reaches a specific price, use the limit order by selecting the Limit button. Enter the desired price (in BTC) and the amount of DASH you want to buy, then click the Buy DASH with XBT button.
Tip 1: If you deposited a large amount of coins, try not to purchase your DASH all at once – instead, consider buying it at different price levels.This strategy is called unit cost averaging.
If you want to buy DASH at its current price, click on the Market button and enter the amount of DASH you wish to buy. The order should be executed almost instantly and the DASH will be added to your balance soon.
Tip 1: There are two type of trading fees, Maker fee and Taker fee.
Maker fees are paid when you add liquidity to the order book by placing a limit order below the purchase ticker price and above the selling ticker price.
Taker fees are paid when you remove liquidity from the order book by placing any order placed on the order book against an order.
Besides basic trading, Kraken has an advanced trading option for more experienced users. To create an advanced trade, you select the Advanced button. This option allows you to create a specific Order Type. This includes a time-limited order with an expiration date, a stop loss order in case the price drops below a specific price, leveraged orders, and much more.
Congratulations, you’ve just completed your first order on Kraken!
If you don’t want to use Kraken, there are plenty of alternatives – here’s a list of all the exchanges where you can buy DASH.